Crude Prices Falls 1% as US Stockpiles Rise

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere Minister of Labour and Employment, Mr Chris Ngige, has called on the Africa Development Bank (AFDB) to create what he called a Youth Fund for Employment. He explained that with the growing number of youths joining the informal labour sector, the immediate take-off of the fund would greatly assist in skills training and formal technical education needed to improve productivity while helping to also formalize the informal sector. Mr Ngige, who was the head of Nigeria’s delegation to the Second Specialized Technical Committee on Social Development, Labour and Employment summit in Algiers, Algeria last week, opined that

By Modupe Gbadeyanka As part of efforts to boost the creative and entertainment industry, Governor Babajide Sanwo-Olu has been 100 hectares in Ejirin community in Epe for the establishment of the proposed Lagos Film City. The Commissioner for Tourism, Arts and Culture, Mrs Uzamat Akinbile-Yussuf, confirmed this development at the inter-ministerial press briefing held at Bagauda Kaltho Press Centre, Alausa, to mark the second-year anniversary of the Mr Sanwo-Olu administration. She explained that the project is being developed through Public-Private Partnership (PPP) and will serve as a catalyst to accelerate the development of tourism in Lagos. She further said the

By Dipo Olowookere A global leader in the housing and building industry, LIXIL Group, has promised to improve access to sanitation for 100 million people by 2020. This pledge is coming as the world makes effort to assist the approximately 2.3 billion people who lack access to safe and sanitary toilets. LIXIL Group Corporation, which endorsed a joint declaration with the World Toilet Organization, Saraya Co Ltd, and the ANA BLUE WING Program on sanitation and hygiene, said it was committed to providing safe toilets to people across the globe. The declaration outlines their joint commitment to support the realization

By Adedapo Adesanya The National Insurance Commission (NAICOM) has called on insurance brokers and executives to make their presence felt in rural areas across the country to drive the acceptance for insurance and also bring about financial inclusion. This call was made by the Acting Commissioner of the body, Mr Sunday Thomas, when he welcomed a delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by Mrs Bola Onigbogi during a courtesy visit to the Commission in Abuja. According to the Acting Commissioner, people will show interest and accept insurance if brokers who are the intermediate entities extend

By Cowry Asset In the just concluded week, the Naira/Dollar exchange rate steadied week-on-week at the at both the Bureau De Change (BDC) and Parallel market segments at N361/$ and N364/$ respectively. The local currency however depreciated week-to-date by 0.30 percent to N331/$ at the interbank market (NIFEX) on the back of increased foreign exchange demand; similarly the Naira lost at the I&E Foreign Exchange Window by N0.11 to N360.65/$ as at Thursday, November 30, 2017. These were despite injections by the CBN worth $210 million into the foreign exchange market of which $100 million was allocated to Wholesale (SMIS),

By Adedapo Adesanya  Research and ratings agency, Agusto & Co., has estimated that Nigeria’s assets under management (AuM), as of the end of 2022, grew by 25 per cent to N3.5 trillion ($7.8 billion). This makes Nigeria the third largest investment management zone in sub-Saharan Africa, after South Africa and Morocco. In a note shared with Business Post, it was stated that this growth was driven in part by increased investor confidence following the gradual rise in the yields offered on naira-denominated investments during the latter half of the year and growth in dollar-denominated portfolios as discerning Nigerians hedge against

By Tricia Martinez Behavioural economics guru, Richard Thaler — this year’s Nobel Prize laureate in economics— has showcased that people are economically imperfect. Since humans are irrational we don’t fit neatly into economic models; we have cognitive limitations, social preferences, or, dare it be said, big problems with self-control. When it comes to decisions about saving our money or investing wisely in order to ensure predictable returns and a safer future, forget it. We tend to procrastinate, and most often, worse, we opt for instant gratification. The easy fix, even when we know better. It’s in the numbers. The sad truth is

**Backs Amotekun The national executive of Okun Development Association (ODA) has distanced itself from a group known as Okun Development Association, South West Branch. The national body of the association, in a communique issued after its quarterly meeting held on January 18, 2020 in Isanlu, Yagba East LG of Kogi State, said it has nothing whatsoever to do with the group, which claimed to be the South West arm of ODA. ODA is the umbrella body representing the Yoruba people of Kogi State and in the communiqué signed by the National President, Barrister Femi Mokikan; the National Secretary, Pastor Ayo